The Chief Executive Officer (CEO) of HGL, a multi-grain processing facility, Senyo Hosi has reiterated his support for the reversal of discounts on benchmark values in the country.
Speaking on The Big Issue over the weekend, Mr. Hosi argued that the implementation of the policy has not benefited the country in any way.
“The government has lost GH¢10.2 billion as a result of implementing the policy. This information was derived from the Finance Ministry itself.”
This investment, he said, has not had any positive impact on the country’s economy.
“What then is the point in implementing this policy? What we see however is less revenue for government and disruption of economic growth within the industrial sector.”
“This must stop, there should be no further debate on it. There is nothing to support the continuation of the policy,” he added.
The benchmark value, which is the amount taxable on imports, was reduced by 50 percent for some goods in 2019.
The import value for cars was also reduced by 30 percent.
The initial reversal of the policy was backed by the Association of Ghana Industries, which expects the local manufacturing industries to benefit from the higher cost of imports.
But some stakeholders have opposed the reversal, arguing that local businesses will be negatively affected.
The Ghana Revenue Authority (GRA), subsequently suspended the policy reversal indefinitely following a directive from the government.
The Authority explained that the transitional arrangements are to ensure a smooth implementation.
It is also to allow a storage-free period for vessels that discharged on 31st December 2021 to go through clearance without being affected by the reversal of the policy.
Source: Modern Ghana
Add Comment